PM’S TOP AIDE MISRA TO STEP DOWN, SINHA NAMED OSD

NEWDELHI: Nripendra Misra, who has been serving as PM Narendra Modi’s principal secretary for over five years, has conveyed his intention to step down, the government announced on Friday. Misra, a 1967-batch retired IAS officer from the UP cadre, will continue in his post for two weeks on the Prime Minister’s request. Former cabinet secretary Pradeep Kumar Sinha, a retiredUPcadreIASofficerfrom the 1977 batch, has been appointed as Officer on Special Duty in the PMO, a government statement said. PK Mishra, a 1972-batch retired IAS officer of theGujaratcadre, whoisserving as additional principal secretary to the Prime Minister, will be the most experienced IAS officer in the PMO, after Misra’s exit.

“It has been a privilege to serve the country under Hon’ble Prime Minister Shri Narendra Modi Ji,”Misra said in a statement. NEWDELHI: Aweekafterannouncing a raft of measures to boost economic growth and improve investorsentiment, financeministerNirmalaSitharamanonFriday announced consolidation of 10state-runlendersintofourbigger banks.

PunjabNationalBank (PNB), OrientalBankofCommerceand United Bank of India will be broughttogethertoformthesecond-largeststate-runbankinthe country,withabusinessof~17.95 trillion (loans plus deposits) and will be at least 1.5 times that of PNB, Sitharaman said at a press conference.

StateBankofIndia(SBI) isthe country’slargestlender.Thesecond merger will be between Canara Bank and Syndicate Bank, which will make it the fourth-largest public sector lender, with ~15.2 trillion in business.

In the third, Union Bank of IndiawillbemergedwithAndhra Bank and Corporation Bank to build India’s fifth-largest public sectorbank(PSB)with~14.59trillioninbusiness.IndianBankwill bemergedwithAllahabadBank to make India’s seventh-largest PSB with a business of ~8.08 trillion.

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